This year, as US Equity Advantage celebrates its tenth year in business as the leading provider of biweekly and custom consumer loan acceleration services to the automotive industry, it announces several milestone achievements:
- A projected $29 million in interest saved for its members
- $44.4 million of additional equity created by its members
- More than $1 billion in loan payments transmitted safely and securely
- Members average $940 improved equity position when using USEA’s rapid loan payoff solution AutoPayPlus™
- Members as a whole will achieve in a better equity position of $147.76 million at loan term.
- 15 to 20 percent year over year financial growth
“We’ve been with USEA from the beginning and we’ve stayed because they are the safest and best loan acceleration service,” said Greg Gomer, agency owner in the Boston area. “As long as the AutoPayPlus™ service helps my dealers increase their PVR and USEA provides the level of training and service to my dealers as they have, we’ll be together another 10 years.”
Over the years, USEA has advanced its operations to provide real-time reporting to its partners and deliver online management tools and personal finance content to its members. The company holds itself and its partners, including PNC Bank, N.A., to strict financial oversight with audited financials and compliance with the National Clearinghouse Association (NACHA) operating rules and guidelines which oversee the safe and secure transmission and daily handling of all funds processed through the ACH system.
Even as times change, the core of its primary service AutoPayPlus™ hasn’t: it is still the exclusive biweekly loan service for MenuVantage and ADP; it is offered to auto dealers at no cost; and it continues to prove 57% more product sales and 63% PVR in dealerships.
What has evolved is that AutoPayPlus™ is now integrated with other menus and docu-Pad, and its live, online reporting tools are more robust for agents and dealers. For the end consumer member, USEA recently released a new member friendly website that allows its consumer members to track their loan payoff progress online. The company also expanded its service to include mortgages, student, boat, RV, credit card and other types of fixed interest loans, and electronic bill payment.
“When we started US Equity Advantage®, the company’s purpose was to help consumers afford automotive Finance & Insurance products, such as extended service contracts that they couldn’t afford with a standard monthly payment plan,” said Robert M. Steenbergh, Esq., Founder & C.E.O. of US Equity Advantage. At that time, Steenbergh was an owner of MenuVantage and spearheaded the integration of the biweekly service within the menu so it became part of the F&I presentation.
Steenbergh added, “Through our understanding of the industry, we saw how AutoPayPlus™ could answer that problem for the car buyer, and provide a long-term additional revenue stream for dealers and agents. It’s really a win for everyone.”
Dealers utilize AutoPayPlus™ as a way to help their customers afford more of the services and products that they want and need without extending the term or increasing the monthly payment.
When customers enroll in the service, they sign up to make half-payments every two weeks. Instead of making 12 monthly payments, the customer will make 26 half payments, applying extra payments to principal and thereby reducing the term of the loan and interest paid. Members enjoy lifetime benefits including the ability to add as many loans for themselves and families under the Unlimited Family Plan.
The flexibility of AutoPayPlus™ enables the F&I Manager to satisfy the needs of each sales situation. They may offer it as an option for the customer to automate their payments and benefit with early loan payoff; as a way to reduce the monthly payment for the customer; or as a way to increase aftermarket product sales by keeping the payment and term from increasing with the increased cost of products. The advantages to the customer are term reduction; accelerated equity; reduction in vehicle wear and tear and mileage as a result of earlier trade-in potential; convenient automated drafting for easy payment; and the ability to benefit from significant interest saved and total debt reduction.
Founded in 2003, US Equity Advantage (USEA) stands as the industry leader in biweekly and custom loan payment services, from home and automotive to RV, boat and student loans. USEA helps its members reach their financial goals faster through flexible payment plans to accelerate their loan payoff, ultimately saving money in costly interest, staying within their budget and building valuable equity. For more information please visit: www.usequityadvantage.com